1 William Hill Pushed Into Loss
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William Hill pushed into loss by Australia writedown
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23 February 2018
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William Hill has been pressed into an annual loss after slashing the value of its Australian business.

the yohaig code bookie reported a pre-tax loss of ₤ 74.6 m for 2017, compared to an earnings of ₤ 181.3 m the yohaig code year before.
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That change was generally due to a ₤ 238m charge the yohaig code business took to write down the worth of its service in Australia.

The writedown follows modifications in regulation - with credit-funded wagering now prohibited in and a rise in tax in some states.

William Hill is currently performing a tactical evaluation of its Australian organization, which is due to be finished by mid-2018.

Online boost

Despite the yohaig code hefty write-off pushing the company into a loss, William Hill said that its underlying performance had actually enhanced.

Net revenues rose 7% to ₤ 1.7 bn, while adjusted operating earnings climbed 11% to ₤ 291.3 m.
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William Hill said profits from its online business increased 13%, which it said reflected improvements to its website and marketing.
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On Tuesday, William Hill was struck with a ₤ 6.2 m fine by the Gambling Commission for breaching anti-money-laundering and social duty guidelines.

The Commission said the business did refrain from doing enough to guarantee oversight procedures were reliable. As a result, 10 customers had the ability to deposit cash linked to criminal offenses.
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In its results declaration, William Hill repeated that it had dedicated to perform an independent evaluation as a result of the findings, and would work to carry out any recommendations that emerge.

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